"..... you will damage the VFD if you try to use the switches the mill came with."
Not true. As mentioned in another post above, the drum switch can be used as the forward/reverse switch for the VFD. The red, white and black wires in the photo were wired to the drum switch. The motor wires connect directly to the VFD output, not to the drum switch. Fuses had to be installed for the power.
I had this one just installed on a Bridgeport that came with a computer. The VFD can provide 3hp, so it will give the full 3hp available from the 2hp head. Apparently the mill motor is strong enough that you can load it to 3hp as long as you use it for less than 30 minutes, then let it cool.
This is one I used:
FM50-203-C
I didn't have much to spend. At $185 it is less expensive than a converter, smaller, easier to install, and mine is quiet. It clipped onto a metal rail called DIN inside my mill computer control. It was also set up with "deceleration", which uses the VFD to brake and stop the tool in 1.5 seconds.
BTW, if you turn the mill down with the VFD the drilling torque stays the same. Not good for big holes. If you use the belt or gear/mechanical speed ratio your drilling torque goes way up. My VFD is set at 60, which is the wall power cycles. I adjust the speed with the Bridgeport crank and gears.
You will love the Bridgeport. I bought mine just to drill with, but it is much more useful
than that.